Venezuelan bolívar

Venezuelan bolívar soberano
bolívar soberano venezolano (Spanish)
ISO 4217
Code VES
Denominations
Subunit
 ​1⁄100 céntimo
Plural bolívares soberanos
Symbol Bs.S.[1] or Bs.
Nickname bolo(s), luca(s), real(es)
Banknotes Bs.S. 2, 5, 10, 20, 50, 100, 200, 500[1]
Coins 50 céntimos, Bs.S. 1
Demographics
User(s)  Venezuela
Issuance
Central bank Banco Central de Venezuela
 Website www.bcv.org.ve
Valuation
Inflation Negative increase >80,000% (2018 est.)[2]
Pegged with US$1 = Bs.S. 62.78 (Dicom auction)[3]
(see this section for parallel market rate)[4]

The bolívar soberano (sign: Bs.S.[1] or Bs.;[5] plural: bolívares soberanos; ISO 4217 code: VES) is the main currency of Venezuela since 20 August 2018. Since that date, it has been due to replace the bolívar fuerte (strong bolívar, sign: Bs.F., ISO 4217 code: VEF) after a transition period.[6] The primary reason for replacement, at a rate of 1 Bs.S. to 100,000 Bs.F, was hyperinflation.[7] On 1 January 2008, the bolívar fuerte had itself replaced, because of inflation, the original bolívar introduced in 1879 (sign: Bs.;[1]; ISO 4217 code: VEB). It did so at a rate of 1 Bs.F. to 1000 Bs.

History

Bolívar

Bolívar
Preceded by:
Venezolano
Ratio: ​1⁄5 venezolano = 1 bolívar		 Currency of Venezuela
31 March 1879 – 31 December 2007		 Succeeded by:
Bolívar fuerte
Reason: inflation
Ratio: 1000 first bolívares = 1 bolívar fuerte
Venezuelan bolívar
bolívar  (Spanish)
ISO 4217
Code VEB
Number 862
Denominations
Subunit
 ​1⁄100 céntimo
Plural bolívares
 céntimo céntimos
Symbol Bs.
Banknotes 2000, 5000, 10,000, 20,000, 50,000 bolívares
Coins 10, 20, 50, 100, 500, 1000 bolívares
Demographics
User(s)  Venezuela
Issuance
Central bank Banco Central de Venezuela
 Website www.bcv.org.ve
This infobox shows the latest status before this currency was rendered obsolete.

The bolívar is named after the hero of Latin American independence Simón Bolívar. The bolívar was adopted by the monetary law of 1879, replacing the short-lived venezolano at a rate of five bolívares to one venezolano. Initially, the bolívar was defined on the silver standard, equal to 4.5 g fine silver, following the principles of the Latin Monetary Union. The monetary law of 1887 made the gold bolívar unlimited legal tender, and the gold standard came into full operation in 1910. Venezuela went off gold in 1930, and in 1934, the bolívar exchange rate was fixed in terms of the U.S. dollar at a rate of 3.914 bolívares = 1 U.S. dollar, revalued to 3.18 bolívares = 1 U.S. dollar in 1937, a rate which lasted until 1941. Until 18 February 1983 (now called Black Friday (Viernes Negro) by many Venezuelans),[8] the bolívar had been the region's most stable and internationally accepted currency. It then fell prey to high devaluation.

Exchange controls were imposed on February 5, 2003, to limit capital flight.[9] The rate was pegged to the U.S. dollar at a fixed exchange rate of 1,600 VEB to the dollar.

Bolívar fuerte

Bolívar fuerte
Preceded by:
Bolívar
Reason: inflation
Ratio: 1000 bolívares = 1 bolívar fuerte		 Currency of Venezuela
1 January 2008 – 20 August 2018		 Succeeded by:
Bolívar soberano
Reason: hyperinflation
Ratio: 100,000 bolívares fuertes = 1 bolívar soberano
Note: prices will be expressed in bolívares soberanos starting on 1 August 2018
Venezuelan bolívar fuerte
bolívar fuerte venezolano (Spanish)
Various 2007–2015 series bolívar fuerte notes
ISO 4217
Code VEF
Denominations
Subunit
 ​1⁄100 céntimo
Plural bolívares fuertes
Symbol Bs.F.[1] or Bs.
Nickname bolo(s), luca(s), real(es)
Banknotes
 Freq. used Bs.F. 1000, 2000, 5000, 10,000, 20,000, 100,000[1]
 Rarely used Bs.F. 2, 5, 10, 20, 50, 100, 500
Coins
 Rarely used Bs.F. 1, 10, 50, and 100[1]
Demographics
User(s)  Venezuela
Issuance
Central bank Banco Central de Venezuela
 Website www.bcv.org.ve
Valuation
Inflation Negative increase 80,000% (2018 est.)[2]
Pegged with US$1 = Bs. 248,832 (Dicom auction)[3]
(see this section for parallel market rate)[4]
This infobox shows the latest status before this currency was rendered obsolete.
Coins and low-value banknotes were rendered obsolete by hyperinflation.

The government announced on 7 March 2007 that the bolívar would be revalued at a ratio of 1,000 to 1 on 1 January 2008 and renamed the bolívar fuerte in an effort to facilitate the ease of transaction and accounting.[10] The newer name is literally translated as "strong bolívar"[11][12] but is also a reference to an old coin called the peso fuerte worth 10 Spanish reales.[13] The name "bolívar fuerte" is used to distinguish it from the older currency that was being used along with the bolívar fuerte.[14] The official exchange rate is restricted to individuals by CADIVI, which imposes an annual limit on the amount available for travel.

Inflation represented by the time it would take, in years, for money to lose 90% of its value (301-day rolling average, inverted logarithmic scale).

Since the government of Hugo Chávez established strict currency controls in 2003, there have been a series of five currency devaluations, disrupting the economy.[15] On 8 January 2010, the value was changed by the government from the fixed exchange rate of 2.15 bolívares fuertes to 2.60 bolívares for some imports (certain foods and healthcare goods) and 4.30 bolívares for other imports like cars, petrochemicals, and electronics.[16] On 4 January 2011, the fixed exchange rate became 4.30 bolívares for 1.00 USD for both sides of the economy. On 13 February 2013 the bolívar fuerte was devalued to 6.30 bolívares per 1 USD in an attempt to counter budget deficits.[17] On 18 February 2016, President Maduro used his newly granted economic powers to devalue the official exchange rate of the bolívar fuerte from 6.3 Bs.F per 1 USD to 10 Bs.F per 1 USD, which is a 37% depreciation against the U.S. dollar.[18]

The bolívar fuerte entered hyperinflation in November 2016.[19]

On January 26, 2018, the government retired the protected and subsidized 10 Bs.F per 1 USD exchange rate that was highly overvalued as a result of rampant inflation.[20] On February 5, 2018, the Central Bank of Venezuela announced a 99.6% [sic] devaluation, with the exchange rate going to 25,000 Bs.F per USD. This made the bolívar fuerte the second-least valued circulating currency in the world based on the official exchange rate, behind only the Iranian rial; it is the least valued circulating currency in the world based on the black market rate.[21]

The official exchange rate stood at 248,832 VEF/USD as of August 10, 2018, making it the least valued circulating currency in the world based on official exchange rates.[3]

In June 2018, the government authorized a new exchange rate for buying, but not selling currency. On August 13, 2018, the rate was 4,010,000 VEF/USD according to ZOOM Remesas.[22]

Bolívar soberano

On 22 March 2018, President Nicolás Maduro announced a new monetary reform program, with a planned revaluation of the currency at a ratio of 1 to 1,000.[23] The change was to be made effective from 4 June 2018.[24][25]

In May 2018, the government required prices to be expressed in both bolívares fuertes and bolívares soberanos at the then-planned rate of 1,000 to 1. For example, one kilogram of pasta was shown with a price of BsF. 695,000 and BsS. 695. Prices expressed in the new currency were rounded to the nearest 50 céntimos as that was expected to be the lowest denomination in circulation at launch. The rounding created difficulties because some items and sales qualities were priced at significantly less than 0.50 BsS.; for example a litre of gasoline and a Caracas Metro ticket typically cost BsS. 0.06 and BsS. 0.04, respectively.[26]

The change in currency was originally scheduled for June 4, 2018. The President delayed the change, citing from Aristides Maza, "the period established to carry out the conversion is not enough." The revaluation took place on August 20, 2018.[27] That day was declared a bank holiday to allow the banks to adjust to the new currency.[28]

The President delayed the planned June launch date of the bolívar soberano, citing from Aristides Maza, "the period established to carry out the conversion is not enough".[29] The revaluation was rescheduled to 20 August 2018, and the rate changed to 100,000 to 1.[30]

On 20 August 2018, the Maduro government launched the new bolívar soberano currency,[31] with one bolívar soberano worth 100,000 bolívares fuertes. New coins in denominations of 50 céntimos and 1 bolívar soberano, and new banknotes in denominations of 2, 5, 10, 20, 50, 100, 200 and 500 bolívares soberanos were introduced.[32] Under the country's official fixed exchange rate to the US dollar the new currency was devalued by roughly 95% compared to the old bolivar fuerte.[33] Initially, during a transition period the bolívar soberano was to be run alongside the bolívar fuerte.[6] However, from the start of the transition, on 20 August, bolívar fuerte notes of 500 and less could not be used; only deposited at banks.[34]

Concurrently with the release of the new currency, the minimum wage was raised to 1,800 sovereign bolivars per month,[35] a 33-fold increase,[36] and sales tax increased from 12% to 16%.[36]

Additionally, the bolívar soberano is supposed to have a fixed exchange rate to the petro cryptocurrency, with a rate of 3,600 bolívares soberanos to one petro;[37][38][39] a peg of petro and bolívar soberano was announced by Maduro as early as 15 August.[40] The petro is supposedly tied to the price of a barrel of oil (about US$60 in August 2018).[37][38][39] As of the end of August 2018, there is no evidence that the cryptocurrency is being traded.[41] Petro is regarded by many as a scam.[42][41][43]

Following the introduction of the bolívar soberano, inflation increased from 61,463 percent on 21 August 2018 to 65,320 percent on 22 August 2018.[42] By 24 August 2018, the introduction of the bolívar soberano had not prevented hyperinflation.[44] According to inflation analyst Steve Hanke, between 18 August and 21 August 2018, the inflation rate increased from 48,760 percent to 65,320 percent.[45][42]

On 22 August, DolarToday estimated the free market exchange rate at 71.2 bolívares soberanos per US dollar.[46] AirTM's reported exchange rate was 75.6 VES/USD.[47][48]

As of 10 October 2018, the estimated exchange rate is 110.31 VES/USD in Venezuela's free market according to DolarToday.[46] The rate may vary for other references, with AirTM's exchange rate being 130.70 VES/USD.[49][50][51]

Currency black market

The value of one U.S. dollar in Venezuelan bolívares fuertes (before 20 August 2018) and bolívares soberanos on the black market through time. Blue vertical lines represent every time the currency has lost 90% of its value, which has happened five times since 2012. It shows that as of late August 2018, the currency is worth 830,000 times less than it was worth in August 2012 and the rate at which the value is lost, inflation, is accelerating.

The black market (parallel) value of the bolívar fuerte and the bolívar soberano has been significantly lower than the fixed exchange rate and other rates set by the Venezuelan government (SICAD, SIMADI, DICOM). In November 2013, it was almost one-tenth that of the official fixed exchange rate of 6.3 bolívares per U.S. dollar.[52] In September 2014, the currency black market rate for the bolívar fuerte reached 100 VEF/USD;[53] on 25 February 2015, it went over 200 VEF/USD.[54] on 7 May 2015, it was over 275 VEF/USD and on 22 September 2015, it was over 730 VEF/USD.[55] Venezuela still had the highest inflation rate in the world in July 2015.[56] By 3 February 2016, this rate reached 1,000 VEF/USD. This rate surpassed 4,300 VEF/USD on 10 December 2016. It surpassed 10,000 VEF/USD on 28 July 2017, and on 7 September 2017, the rate surpassed 20,000 VEF/USD for the first time. Inflation accelerated, and on 1 December 2017, it reached 100,000 VEF/USD for the first time ever. The rate surpassed 200,000 VEF/USD on 18 January 2018.

It is illegal to publish the "parallel exchange rate" in Venezuela.[57] One popular website that has been publishing parallel exchange rates since 2010 is DolarToday, which has also been critical of the Maduro government.[58]

Coins

Bolívar

Various Venezuelan coins

In 1879, silver coins were introduced in denominations of ​1⁄5, ​1⁄2, 1, 2, and 5 bolívares, together with gold 20 bolívares. Gold 100 bolívares were also issued between 1886 and 1889. In 1894, silver ​1⁄4 bolívar coins were introduced, followed by cupro-nickel 5 and ​12 1⁄2 céntimos in 1896.

In 1912, production of gold coins ceased, whilst production of the 5 bolívares ended in 1936. In 1965, nickel replaced silver in the 25 and 50 céntimos, with the same happening to the 1 and 2 bolívares in 1967. In 1971, cupro-nickel 10 céntimo coins were issued, the ​12 1⁄2 céntimos having last been issued in 1958. A nickel 5 bolívares was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 céntimos from 1974. Nickel clad steel was introduced for all denominations from 25 céntimos up to 5 bolívares in 1989.

In 1998, after a period of high inflation, a new coinage was introduced consisting of 10, 20, 50, 100 and 500 bolívar denominations.

The former coins were:

  • 10 bolívares
  • 20 bolívares
  • 50 bolívares
  • 100 bolívares
  • 500 bolívares
  • 1000 bolívares (minted 2005, issued late 2006, incorrectly rumored as recalled due to official Coat of Arms change during the interval)[59]
5-venezolano coin

All the coins had the same design. On the obverse the left profile of the Libertador Simón Bolívar is depicted, along with the inscription "Bolívar Libertador" within a heptagon, symbolizing the seven stars of the flag. On the reverse the coat of arms is depicted, circled by the official name of the country, with the date and the denomination below. In 2001, the reverse design was changed, putting the denomination of the coin at the right of the shield of the coat of arms, Semi-Circled by the official name of the country and the year of its emission below.


Bolívar fuerte

Coins are in denominations of 1, 5, 10, ​12 1⁄2, 25, 50 céntimos, and 1 bolívar. They were rendered obsolete by high inflation. It may be noticed that there is a ​12 1⁄2 céntimos coin and a of 1 céntimo coin, but no ​1⁄2 céntimo coin. Therefore giving correct change for a purchase of, say, ​4 1⁄2 céntimos would require using a ​12 1⁄2 céntimos coin and getting 8 céntimos back.

2008 Series
DenominationShapeCompositionDiameterEdgeObverseReverseObverse imageReverse image
1 céntimoRoundCopper-plated steel15 mmReededDenomination of the coin, the eight stars and waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
5 céntimosRoundCopper-plated steel17 mmPlainDenomination of the coin, the eight stars and waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
10 céntimosRoundNickel-plated steel18 mmReededDenomination of the coin, the eight stars and waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
​12 1⁄2 céntimosRoundNickel-plated steel23 mmPlainDenomination of the coin, the eight stars of the national flag and two palm branchesCoat of Arms of Venezuela and the name of the country of emission
25 céntimosRoundNickel-plated steel20 mmPlainDenomination of the coin, the eight stars and waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
50 céntimosRoundNickel-plated steel22 mmSegmented (Plain and Reeded edges)Denomination of the coin, the eight stars and waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
Bs. 1RoundCopper-Nickel center, Brass ring24 mmSmooth 'BCV1'Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flagDenomination of the coin, the eight stars and the waves representing the patterns of the national flag, the Coat of Arms of Venezuela and the name of the country of emission

In December 2016, it was announced that coins of 10, 50, and 100 bolívares would enter circulation. These three coins would replace the banknotes of the same denominations.[60]

2016 Series
DenominationShapeCompositionDiameterEdgeObverseReverseObverse & Reverse image
10 bolívaresRoundNickel-plated steel21.5 mmSmoothEffigy of the Liberator Simón Bolívar, waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
50 bolívaresRoundNickel-plated steel23.5 mmSmoothEffigy of the Liberator Simón Bolívar, waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission
100 bolívaresRoundNickel-plated steel25.5 mmSegmented (Plain and Reeded edges)Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flagCoat of Arms of Venezuela and the name of the country of emission

Bolívar soberano

Bolívar soberano coins were announced to be produced in denominations of 50 céntimos and 1 bolívar (50,000 bolívares fuertes and 100,000 bolívares fuertes).

2018 Series
DenominationShapeCompositionDiameterEdgeObverseReverseObverse imageReverse image
50 céntimosRoundNickel-plated steel--Effigy of the Liberator Simón Bolívar, the eight stars of the national flagCoat of Arms of Venezuela, waves representing the patterns of the national flag and the name of the country of emission
1 bolívarRoundCopper-Nickel center, Brass ring--Effigy of the Liberator Simón Bolívar, the eight stars of the national flagCoat of Arms of Venezuela, waves representing the patterns of the national flag and the name of the country of emission

Banknotes

Bolívar

In 1940, the Banco Central de Venezuela began issuing paper money, introducing by 1945 denominations of 10, 20, 50, 100 and 500 bolívares. 5 bolívares notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for 1, 2 and 5 bolívares were issued.

As inflation took hold, higher denominations of banknotes started being introduced: 1,000 bolívares in 1991, 2,000 and 5,000 bolívares in 1994, and 10,000, 20,000 and 50,000 bolívares in 1998. The first 20,000 banknotes were made in a green color similar to the one of the 2,000 banknotes, which caused confusion, and new banknotes were made in the new olive green color.

The following is a list of former Venezuelan bolívar banknotes.

Pre-1998 series banknotes (from various series)
ImageDenominationEmission YearObverseReverse
5 bolívares 1968 Simón Bolívar and Francisco de Miranda National Pantheon of Venezuela
10 bolívares 1968 Simón Bolívar and Mariscal Sucre Altar de la Patria, Campo de Carabobo
20 bolívares 1971 Jose Antonio Paez Altar de la Patria, Campo de Carabobo
500 bolívares 1981 Simón Bolívar A branch of orchids
1,000 bolívares 1991 Simón Bolívar Signing of the Venezuelan Declaration of Independence
2,000 bolívares 1994 Antonio José de Sucre The Battle of Junín
5,000 bolívares 1994 Simón Bolívar and his coat of arms A reproduction of the painting El 19 de Abril de 1810 by Juan Lovera
[61] [62] 10,000 bolívares 1998 Antonio José de Sucre
1998 Series
1,000 bolívares 1998 Simón Bolívar A picture of National Pantheon in Caracas
2,000 bolívares 1998 Andrés Bello A picture of frailejones and a view of the Pico Bolívar
5,000 bolívares 2000 Francisco de Miranda Picture of two angelfishes and a panorama of the Guri Dam.
10,000 bolívares 2000 Antonio José de Sucre (different version of portrait) A Marpesia petreus butterfly and the Supreme Tribunal of Justice
20,000 bolívares 2000 Simón Rodríguez and the Angel Falls in the background A blue-and-yellow macaw and the Angel Falls
50,000 bolívares 2005 José María Vargas Central University of Venezuela, Caracas

Bolívar fuerte

2007–2016 ("2008")

New banknotes of the series 2007–2015 with values of 2 to 100 BsF were issued from 20 March 2007 until 20 August 2018. The greater the values, the longer re-issuing occurred. Only the 100-BsF-note was re-issued in November 2015.

  • 2 BsF: 2007-03-20 to 2013-10-29
  • 5 BsF: 2007-03-20 to 2014-08-19
  • 10 BsF: 2007-03-20 to 2014-08-19
  • 20 BsF: 2007-03-20 to 2014-08-19
  • 50 BsF: 2007-03-20 to 2015-06-23
  • 100 BsF: 2007-03-20 to 2015-11-05[63]

The obverse side is portrait-oriented, with the lower half carrying a portrait, while the reverse side is landscape-oriented, the left two thirds showing an animal in front of its habitat.

Re-issues retain the value-specific motifs, but the printing quality is different. The notes are printed by Casa de la Moneda Venezuela in Venezuela.[63]

2008 Series
ImageDenominationEmission Year Size (millimeters)ObverseReverse
2 bolívares 2008 156 × 69 Francisco de Miranda Orinoco River Dolphins (Inia geoffrensis) with Coro Dunes in background; Gusano flower
5 bolívares 2008 Pedro Camejo Giant armadillo (Priodontes maximus) with the plains of Los Llanos in the background
10 bolívares 2008 Cacique Guaicaipuro American harpy eagle (Harpia harpyja) with the Ucaima Falls at Canaima National Park in the background
20 bolívares 2008 Luisa Cáceres de Arismendi Hawksbill turtle (Eretmochelys imbricata) with Macanao Mountain in the background
50 bolívares 2008 Simón Rodríguez Spectacled bear (Tremarctos ornatos) with Laguna Santo Cristo at Sierra Nevada National Park in the background
100 bolívares 2008 Simón Bolívar Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background

2016–17

High inflation, which was a part of Venezuela's economic collapse, caused the bolívar fuerte's value to plummet. The 2- and 5-bolívares fuertes notes were no longer found in circulation due to the inflation, but remain legal tender. By December 2016, the 100 bolívares fuertes note, Venezuela's largest denomination of currency, was only worth about $0.023 USD on the black market.[64]

On 7 December 2016, a new series of banknotes (recolors of the previous notes) in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 bolívares fuertes was unveiled to the Venezuelan public.[60][64] Days later on 11 December, President Nicolás Maduro who had been ruling by decree wrote into law that the 100 Bs.F. would be pulled from circulation within 72 hours because "mafias" were allegedly storing those particular bills to drive inflation.[65] With more than 6 billion 100 Bs.F. notes issued consisting of 46% of Venezuela's issued currency, Maduro enacted an exchange for Venezuelan citizens to transfer all 100 Bs.F. notes for 100 Bs.F. coins while also blocking international travel to prevent the return of the bolívares that were supposedly stockpiled.[65][66] The government justified the move claiming that the United States was working with crime syndicates to spirit away Venezuela's paper money to warehouses in Europe to cause the fall of the government. The government was thwarting this threat by withdrawing the notes from circulation.[67] On 14 February 2017, Paraguayan authorities uncovered a 30 metric ton stash of 50 and 100 bolívares fuertes totaling 1.5 billion Bs.F on its Brazilian border that had not yet been circulated.[68] According to a United States Department of Defense adviser linked to The Pentagon, the 1.5 billion Bs.F was printed by Venezuela and destined for Bolivia, since unlike the implied exchange rate of thousands of bolívares fuertes equaling one United States dollar, the exchange rate was approximately 10 bolívares fuertes per dollar, making the value of the stash 419 times stronger, from US$358,000 to US$150 million.[68] The Pentagon adviser further stated that the Venezuelan government tried to send the newly printed notes to be exchanged by the Bolivian government so Bolivia could pay 20% of its debt to Venezuela, and so Venezuela could use the US dollars for its own disposal.[68]

On November 3, 2017, the Banco Central de Venezuela issued a 100,000 bolívares fuertes note which is similar to the 100 bolívares fuertes note of the 2007 series and the 20,000 bolívares fuertes of the 2016 series, but with the denomination spelled out in full instead of adding an additional three zeros to the number 100. This denomination was worth US$2.42 using the unofficial exchange rate at the date of its release, but by June 2018 inflation had reduced its value by 98%, to five U.S. cents.

Maduro has announced that after the currency redenomination has carried out on 20 August 2018, these old denominations with a face value of 1000 bolívares fuertes or higher will circulate in parallel with the new series of bolívar soberano notes and will continue to be used for a limited time.[69] Banknotes with a face value below 1000 bolívares fuertes were withdrawn from circulation and ceased to be legal tender on 20 August 2018. They have to be deposited in local banks.[70][71]

2016-17 Series
ImageDenominationValue in Bs.S.
from 20 Aug 2018		Emission YearObverseReverse
500 bolívares none 2016 Francisco de Miranda Orinoco River Dolphins (Inia geoffrensis) with Coro Dunes in background; Gusano flower
1,000 bolívares Bs.S. 0.01 2016 Pedro Camejo Giant armadillo (Priodontes maximus) with the plains of Los Llanos in the background
2,000 bolívares Bs.S. 0.02 2016 Cacique Guaicaipuro American harpy eagle (Harpia harpyja) with the Ucaima Falls at Canaima National Park in the background
5,000 bolívares Bs.S. 0.05 2016 Luisa Cáceres de Arismendi Hawksbill turtle (Eretmochelys imbricata) with Macanao Mountain in the background
10,000 bolívares Bs.S. 0.10 2016 Simón Rodríguez Spectacled bear (Tremarctos ornatos) with Laguna Santo Cristo at Sierra Nevada National Park in the background
20,000 bolívares Bs.S. 0.20 2016 Simón Bolívar Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background
100,000 bolívares Bs.S. 1 2017 Simón Bolívar Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background

2018

By May 2018, the bolívar fuerte's banknotes represented very little value and they had become in short supply.[72] Weighing scales could no longer convert mass to price and receipts could no longer fit the numbers on their paper.[73]

The lower denomination bolívar fuerte banknotes were demonetized on 20 August 2018; with the introduction of the bolívar soberano. Higher denominations will be valid during a transition period.

Bolívar soberano

The bolívar soberano banknotes were introduced on 20 August, 2018.

2018 Series
ImageDenominationEmission YearObverseReverse
2 bolívares 2018 Josefa Camejo (es) Yellow-crowned amazon parrot (Amazona ochrocephala) with the Morrocoy National Park in the background
5 bolívares 2018 José Felix Ribas portrait by Martín Tovar y Tovar Atelopus cruciger with the Henri Pittier National Park in the background
10 bolívares 2018 Rafael Urdaneta Giant anteater (Myrmecophaga tridactyla) with the Catatumbo lightning in the background
20 bolívares 2018 Simón Rodríguez Jaguar (Panthera onca) with the Waraira Repano National Park in the background
50 bolívares 2018 Antonio José de Sucre Cunaguaro (Leopardus tigrinus) with the Península de Paria National Park in the background
100 bolívares 2018 Ezequiel Zamora Brown spider monkey (Ateles hybridus) with the Guatopo National Park in the background
200 bolívares 2018 Francisco de Miranda Military macaw (Ara militaris) with the Waraira Repano National Park in the background
500 bolívares 2018 Simón Bolívar Venezuelan troupial (Icterus icterus) with the Macarao National Park in the background
Current VEF exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR

See also

References

  1. 1 2 3 4 5 6 7 Banco Central de Venezuela. "B.C.V. Bolívar Fuerte." Accessed 26 February 2011.
  2. 1 2 "Asamblea Nacional". República Bolivariana de Venezuela (in Spanish). Retrieved 22 August 2018.
  3. 1 2 3 http://bcv.org.ve/
  4. 1 2 "Calculadora Dolar Today". Dolar Today. May 8, 2018.
  5. ↑ La idea de Bolívar El Diario, 18 Diciembre 2013
  6. 1 2 "Venezuela rolls out new currency amid rampant hyperinflation". Al Jazeera. 20 August 2018. Retrieved 22 August 2018.
  7. ↑ "Venezuela Introduces New Currency". Gata. 2008-01-01. Retrieved 2008-02-04.
  8. ↑ "The weakening of the "strong bolívar"". The Economist. 2010-01-14. Retrieved 2016-12-10.
  9. ↑ "Archived copy". Archived from the original on 2011-04-09. Retrieved 2011-04-09.
  10. ↑ "Currency of Venezuela – Venezuela's new currency the Venezuelan Bolívar fuerte". Republica-de-venezuela.com. Retrieved 2016-12-10.
  11. ↑ television advertisements Bolivar Fuerte Bs.F for the new currency repeatedly use "fuerte" as meaning "strong" such as in "Una economía fuerte" (a strong economy) and "¡Aquí hay fuerza!" (There's strength in this!)
  12. ↑ Rueda, Jorge (2008-01-01). "Venezuela cuts three zeros off bolivar currency". Reuters. Retrieved 2008-02-04.
  13. ↑ Numismatic Catalog of Venezuela. "Coins in Pesos Fuerte". Retrieved 2008-02-04.
  14. ↑ "Chavez Passes Law-Decree on Monetary Reform in Venezuela". venezuelanalysis.com. 9 March 2007. Retrieved 2016-12-10.
  15. ↑ Mander, Benedict (10 February 2013). "Venezuelan devaluation sparks panic". Financial Times. Retrieved 11 February 2013.
  16. ↑ "Venezuela will slash value of currency, the bolivar". BBC. 2010-01-09. Retrieved 2010-01-09.
  17. ↑ "Chavez Devaluation Puts Venezuelans to Queue on Price Raise". Bloomberg. 11 February 2013. Retrieved 11 February 2013.
  18. ↑ Holodny, Elena (18 February 2016). "Venezuela raises gas prices 6,200%". Business Insider. Retrieved 18 February 2016.
  19. ↑ Hanke, Steve (18 August 2018). "Venezuela's Great Bolivar Scam, Nothing but a Face Lift". Forbes. Retrieved 19 August 2018.
  20. ↑ "Venezuela eliminates heavily subsidized DIPRO forex rate". Reuters. 30 Jan 2018. Retrieved 2018-01-30.
  21. ↑ "Venezuela announces 99.6 percent devaluation of official forex rate". Reuters. 5 February 2018. Retrieved 20 August 2018.
  22. ↑ "Casa de Cambio ZOOM". Retrieved 2018-06-23.
  23. ↑ López, Abel (2018-03-22). "Maduro anuncia nueva reconversión monetaria". El Nacional (in Spanish). Retrieved 2018-03-22.
  24. ↑ "Venezuela to revalue ailing bolivar currency from June 4". Nasdaq. 2018-03-22. Archived from the original on 2018-03-23. Retrieved 2018-03-22.
  25. ↑ "Ya está en Gaceta Oficial decreto de reconversión monetaria". Panorama (in Spanish). Retrieved 2018-03-26.
  26. ↑ Web, El Nacional (2018-04-29). "Comenzaron a aparecer productos con precios el bolívares soberanos". El Nacional (in Spanish). Retrieved 2018-04-30.
  27. ↑ Casey, Nicholas (August 16, 2018). "Venezuela Cuts to Fight Inflation (Zeroes From Its Currency, That Is)". The New York Times. Retrieved August 20, 2018.
  28. ↑ Sterling, Joe (2018-08-23). "Venezuela issues new currency, amid hyperinflation and social turmoil". CNN. Retrieved 2018-08-23.
  29. ↑ WEB, EL NACIONAL (2018-05-29). "Maduro pospone entrada en vigencia de la reconversión monetaria". El Nacional (in Spanish). Retrieved 2018-05-29.
  30. ↑ "Inflation-hit Venezuela to remove five zeros from currency". Deutsche Welle. 26 July 2018. Retrieved 2018-07-26.
  31. ↑ "With 1,000,000% inflation, Venezuela slashes five zeroes from its bills". Retrieved 22 August 2018.
  32. ↑ Litzmayer, Owen (5 Apr 2018). "Venezuela | Banknote News". www.banknotenews.com. Retrieved 2018-05-08.
  33. ↑ Hopps, Kat (21 August 2018). "Venezuela crisis: How much is the bolivar worth today? Bs to USD to GBP". Retrieved 22 August 2018.
  34. ↑ https://mriguide.com/venezuela-bolivar-soberano-transition/
  35. ↑ Venezuela just devalued the bolivar by 95% and pegged it to a cryptocurrency - Business Insider
  36. 1 2 "Venezuela hikes wages ahead of monetary overhaul". Washington Post. 2018-08-17. Retrieved 2018-08-24.
  37. 1 2 Lam, Eric (20 August 2018). "Here's What Maduro Has Said of Venezuela's Petro Cryptocurrency". Bloomberg News.
  38. 1 2 Phillips, Tom (20 August 2018). "Venezuela devalues currency and raises minimum wage by 3,000%". the Guardian. Retrieved 22 August 2018.
  39. 1 2 "Venezuelans to Be Paid at Least Half a Petro a Month - Bitcoin News". 18 August 2018. Retrieved 22 August 2018.
  40. ↑ "Venezuelan President Announces New System of Wages and Prices". Telesur. Telesur. Retrieved 15 August 2018.
  41. 1 2 Ellsworth, Brian (30 August 2018). "Special Report: In Venezuela, new cryptocurrency is nowhere to be..." Reuters. Retrieved 7 September 2018.
  42. 1 2 3 Mak, Aaron (22 August 2018). "Venezuela Is About to Become the First Country to Peg Its Currency to a Cryptocurrency. Don't Believe the Hype". Slate Magazine. Retrieved 23 August 2018.
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  44. ↑ "Venezuela: New currency fails to curb hyperinflation". Al Jazeera. Retrieved 2018-08-24.
  45. ↑ Hanke, Steve (18 August 2018). "Venezuela's Great Bolivar Scam, Nothing but a Face Lift". Forbes. Retrieved 19 August 2018.
  46. 1 2 "Indicadores Economía Venezolana". dolartoday.com (in Spanish).
  47. ↑ "AirTM (@theairtm) - Twitter". twitter.com. Retrieved 22 August 2018.
  48. ↑ "Venezuela's Currency Is Doing Even Worse Than Previously Thought". Bloomberg.com. 2018-04-04. Retrieved 2018-04-06.
  49. ↑ "AirTM Rates". www.airtmrates.com. Retrieved 2018-08-28.
  50. ↑ "AirTM (@theairtm) - Twitter". twitter.com. Retrieved 22 August 2018.
  51. ↑ "Venezuela's Currency Is Doing Even Worse Than Previously Thought". Bloomberg.com. 2018-04-04. Retrieved 2018-04-06.
  52. ↑ "Stuck in Venezuela with those currency exchange blues". Los Angeles Times. 12 November 2013. Retrieved 7 January 2014.
  53. ↑ "Venezuela bolivar hits record low 100/U.S. dollar on black market". Reuters. 26 September 2014. Retrieved 5 October 2014.
  54. ↑ "Venezuela's bolívar tumbles beyond 200 mark". Financial Times. 25 February 2015. Retrieved 28 April 2015.
  55. ↑ "El precio 'REAL' del Dolar paralelo en Venezuela". DolarToday.com. 15 February 2013. Archived from the original on 15 February 2013.
  56. ↑ Pardo, Daniel (8 July 2015). "Living with Venezuela's high inflation". BBC News. UK. Retrieved 7 August 2015.
  57. ↑ Simon Romero (February 9, 2008). "In Venezuela, Faith in Chávez Starts to Wane". New York Times.
  58. ↑ Otis, John. "Venezuela forces ISPs to police Internet". Committee to Protect Journalists. Retrieved May 15, 2015.
  59. ↑ "Coins from Venezuela : 1000 Bolívares – Design B, Type A : Numismatic Catalog of Venezuela". www.numismatica.info.ve. 2016-12-04. Retrieved 2016-12-10.
  60. 1 2 "Ampliación del cono monetario" (PDF) (Press release) (in Spanish). Banco Central de Venezuela. 20 December 2016. Retrieved 22 August 2018.
  61. ↑ "10000 Bolivars". Banknote World. 21 June 2007. Archived from the original on 21 June 2007.
  62. ↑ "10000 Bolivars". Banknote World. 21 June 2007. Archived from the original on 21 June 2007.
  63. 1 2 banknotes > Venezuela > series 2007–2015 colnect.com, retrieved 12 December 2016. – Specific (re-)issuing date above pair of signatures above portrait.
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  65. 1 2 "Venezuela's Maduro orders 100-unit banknotes out of circulation". AFP. 11 December 2016. Retrieved 12 December 2016.
  66. ↑ "Venezuela pulls most common banknote from circulation to 'beat mafia'". The Guardian. 11 December 2016. Retrieved 12 December 2016.
  67. ↑ "Declaring war on common sense, Venezuela bans its own money". Washington Post. Dec 15, 2016.
  68. 1 2 3 Coutinho, Leonardo (23 February 2017). "Veja: Venezuela y Bolivia son sospechosas de esquema estatal de lavado". Eju TV (in Spanish). Retrieved 24 February 2017.
  69. ↑ "Maduro: El nuevo cono monetario va a coexistir con el viejo "hasta su extensión"". www.noticierodigital.com. Retrieved 2018-08-14.
  70. ↑ "Banco Central de Venezuela on Twitter". Twitter. Retrieved 2018-08-14.
  71. ↑ WEB, EL NACIONAL (2018-08-14). "Billetes inferiores a 1.000 bolívares no tendrán valor a partir del 20A". El Nacional (in Spanish). Retrieved 2018-08-14.
  72. ↑ "Venezuelans Are Paying a 100% Premium for Cash". Bloomberg. 2018-03-02. Retrieved 2018-04-05.
  73. ↑ "Venezuela's Hyperinflation Is Breaking Deli Scales". Bloomberg. 2018-03-14. Retrieved 2018-04-05.

Bibliography

  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
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